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Result Analysis

ASIAN PAINTS

Asian Paints has put up quite a decent performance for fiscal 2002-03 with a 13 per cent growth in total income at Rs 1,588.01 crore (Rs 1,411.23 crore). Against this its total spending having gone up by only 11 per cent saw net profits move up 24 per cent over the previous year. Net sale was up 13 per cent over the corresponding previous period to Rs 1,573.78 crore (Rs 1,396.49 crore), while its operating expenditure went up by 12 per cent to Rs 1,309.69 crore (Rs 1,173.45 crore). The lower rise in operating expenses compared with the income saw margins improve albeit only slightly. Operating profit was up 18 per cent to Rs 264.10 crore (Rs 223.04 crore). OPM inched up to 17 per cent from 16 per cent during the previous year. The fall in other income was negligible but saving in interest cost was a good 43 per cent over the previous year to Rs 8.35 crore (Rs 14.58 crore). Depreciation went up 8 per cent to Rs 45.13 crore (Rs 41.78 crore) leading to a 24 per cent rise in the profits before tax. After having provided for Rs 81.48 crore (Rs 66.09 crore) in taxes, up 23 per cent from the previous year the company reported a net profit of Rs 143.37 crore (Rs 115.33 crore) up 24 per cent from the year-ago period. The stock currently trades at Rs 382 discounting its full year EPS of Rs 22.34 by 17 times.

LUPIN

For the year ended March 2003, Lupin Limited has reported a 19 per cent rise in total income at Rs 1,041.11 crore (Rs 875.83 crore), while its total expenditure went up by 20 per cent to Rs 968.04 crore (Rs 803.65 crore). Net profits, however, managed to rise by just about a percentage. Net sale was up 19 per cent over the year-ago period to Rs 1,030.15 crore (Rs 867.38 crore) but against this its operating expenditure went up by a much higher percentage and at Rs 857.63 crore (Rs 694.08 crore) it was 24 per cent up from the same period in the previous year. Operating profit was down slightly, but OPM slid to 17 per cent from 20 per cent during the previous year. Other income moved up by just a percentage to Rs 10.96 crore (Rs 8.45 crore), while interest was down 1 per cent over the previous year at Rs 61.38 crore (Rs 62.20 crore). The tax provision for the year having gone down by 16 per cent compared with the previous year, saw net profits rise by 6 per cent to Rs 76.68 crore (Rs 72.18 crore). The company has written off taxes pertaining to earlier years amounting to Rs 3.61 crore, which, if considered, narrow down the real growth in net profits to just about 1 per cent. The stock, currently trades at Rs 234, discounting its full year EPS of Rs 19.10 by 12 times.

D-LINK INDIA

Networking major D-Link India’s total income for fiscal 2002-03 at Rs 192.17 crore (Rs 164.46 crore) was 17 per cent up from the year-ago period. Its total expenditure went up by 16 per cent to Rs 170.04 crore (Rs 146.25 crore) which in turn saw net profits rise by 21 per cent over the corresponding previous period to Rs 22.13 crore (Rs 18.21 crore). Net sales at Rs 188.21 crore (Rs 162 crore) was 16 per cent up from the previous year and so was the operating expenditure at Rs 163.52 crore (Rs 140.51 crore). The equal rise in the operating costs and expenditure saw margins remaining almost static with the operating profit moving up by 15 per cent over the previous year while the OPM was the same as the previous year at 13 per cent. Other income at Rs 3.96 crore (Rs 2.46 crore) smartly moved up by 61 per cent against the previous year and was further supplemented by a 45 per cent decline in the interest cost at Rs 0.35 crore (Rs 0.64 crore). Depreciation was up 39 per cent over the previous year at Rs 3.55 crore (Rs 2.57 crore). The tax cost having gone up by a moderate 3 per cent to Rs 2.61 crore (Rs 2.54 crore) its net profit went up by 21 per cent over the corresponding previous period to Rs 22.13 crore (Rs 18.21 crore). The stock, currently trading at Rs 59.80, discounts its full year EPS of Rs 7.37 by eight times.

GABRIEL INDIA

Gabriel India, operating in the auto components segment, has reported a 22 per cent rise in total income for fiscal 2002-03 at Rs 383.90 crore (Rs 313.40 crore). Against this although its total spending was up 20 per cent at Rs 372.17 crore (Rs 309.44 crore). Net sale at Rs 375.35 crore (Rs 308.08 crore) was up 22 per cent over the corresponding previous period. Other income was up 61 per cent at Rs 8.55 crore (Rs 5.32 crore). Profits before tax having gone up by a huge 174 per cent saw the tax provision move up by 149 per cent to Rs 8.61 crore (Rs 3.46 crore), despite which net profits rose by 196 per cent over the corresponding period to Rs 11.73 crore (Rs 3.96 crore). The stock, currently trading at Rs 34.60, discounts its fiscal 2002-03 EPS of Rs 16.45 twice.

Company        Total Income       Net profit        Equity       O. Income       EPS*

Asian Paints        1573.78       143.37       14.22       64.19       22.34 Lupin                     1030.15         76.68       10.96       40.14       19.10
D-Link                      188.21         22.13         3.96          6.00         7.37
Gabriel                     375.35         11.73         8.55          7.13        16.45

Figures in Rs crore.

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